Currency Sorter Market Expected to Reach $18.1 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Currency Sorter Market, By Product Type (Currency sorter & Counter, Coin Sorter & Counter, and Currency Counterfeit Detector), Sorter Machine Size (Small Size, Middle Size, and Large Size), and End User (Banks & Financial Institutions, Retailers, and Others)." The currency sorter market was valued at $7.8 billion in 2022, and is estimated to reach $18.1 billion by 2032, growing at a CAGR of 8.9% from 2023 to 2032.

A currency sorter allows employees to work more productively by cutting down on the amount of time they need to sort notes. In addition, specialized office tools and machinery such as money verifiers and note-counting machines contribute to increased workplace productivity and accuracy in commercial transactions. These devices offer a range of options to raise productivity, accuracy, and efficiency. For example, currency sorting machines are now a need for most retail stores, banks, and lodging facilities.

Instead of having to roll their notes and count themself, users can use this tool to make sure that everything is accurate without having to invest a lot of time. In addition, note sorter machine helps to enhance cash management solutions. Furthermore, being an easier and more efficient way to count money, the currency sorter machine helps to keep businesses and their employees healthier. Thus, these are the key factors that boost the growth of the currency sorter market. Furthermore, the key players in the market have constantly developed their product offerings for multiple operations to enhance efficiency. For instance, Daniele Tartaglia created an electromechanical sorting machine that not only works as a note separator but also stacks notes based on denominations and counts & totals them as they drop through a curvy maze. Therefore, with the help of such inventions, the currency sorter market trends is expected to grow in the upcoming years.  

The small-size segment is expected to garner a significant share during the forecast period. This is attributed to the rise in adoption of comprehensive fitness sorting capabilities, assessing the quality and condition of banknotes to ensure that only fit the currency remains in circulation. However, the middle-size segment is expected to grow at the highest rate during the forecast period, due to the integration of advanced counterfeit detection technologies, such as multi-spectral imaging and ultraviolet sensors.  

Region-wise, North America dominated the currency sorter market size in 2022 and is expected to maintain this trend during the forecast period as financial institutions and businesses in the U.S. and Canada have invested in innovative technologies that not only streamline traditional cash-handling processes but also integrate seamlessly with digital payment systems. 

The abrupt and broad economic slowdown brought by the COVID-19 pandemic forced businesses and financial institutions to reevaluate their goals and use resources more sparingly. The need for real cash decreased due to decline in economic activity and increase in remote labor, which has a direct impact on the currency sorter market. The uncertainty and financial strain induced by the pandemic prompted organizations to streamline their operations and invest judiciously, affecting the adoption of money counter and sorter technology. Moreover, the closure of businesses, banking branches, and the shift toward digital transactions further contributed to decline in the usage of cash, impacting the requirement for note sorting solutions. The currency sorter market witnessed fluctuations, with some regions experiencing a temporary decline in demand as economies navigate the challenges posed by the pandemic. Thus, the pandemic had a negative impact on the currency sorter market. The accelerated shift toward digital transactions, driven by hygiene concerns and increase in adoption of contactless payment methods, presents a noteworthy opportunity for currency sorter providers. There is rise in demand for advanced note sorting solutions that seamlessly integrate with digital payment ecosystems as businesses and financial institutions seek to modernize their operations and cater to changing consumer preferences. Providers have the chance to capitalize on this trend by developing innovative technologies that not only efficiently handle physical currency but also align with broader digital transformation initiatives. 

Moreover, banknote sorter providers can seize the opportunity to position their solutions as essential components in fortifying financial infrastructure against potential future disruptions. This involves highlighting the role of currency sorters in streamlining cash processing, reducing operational costs, and ensuring the integrity of financial transactions. Strategic partnerships with financial institutions and businesses looking to fortify their resilience can open new avenues for currency sorter market growth. 

Key Findings of The Study 

• By type, the indexed currency sorter segment accounted for the highest currency sorter market share in 2022. 

• Region-wise, North America generated the highest revenue in 2022. 

• Depending on sorter machine size, the small size segment generated the highest revenue in 2022. 

• By end-user, the banks and financial institutions segment accounted for the largest highest market share in 2022. 

The key players profiled in the currency sorter market analysis are Julong, Arihant Maxsell Technologies Private Limited, Toshiba International Corporation, Aditya Systems & Solutions, Jetex Infotech Pvt. Ltd., KISAN ELECTRONICS, Beijing Grace Ratecolor Technology Co., Ltd., Giesecke+Devrient GmbH, Godrej Group, and GRGBanking. These players have adopted various strategies to increase their market penetration and strengthen their position in the currency sorter industry.